LimFlow SA, has closed a $40 million (€36 million) oversubscribed Series D financing round. The company is a pioneer in the development of minimally-invasive technology for the treatment of chronic limb-threatening ischemia (CLTI), a severe form of peripheral artery disease (PAD).
A few weeks ago we covered news of clinical trials enrollment success for LimFlow, here. Indeed we’ve followed the progress of the promising system for a while now. Designated by the FDA as a Breakthrough Technology, the system comprises a minimally-invasive family of transcatheter products designed to optimize perfusion of the critically ischemic foot. The aim is to avoiding major amputation, resolve pain and promote wound healing.
Proceeds from the Series D financing will fund follow-up for the aforementioned PROMISE II U.S. pivotal trial necessary to obtain FDA approval and will support the commercialization of the LimFlow System for deep vein arterialization.
“We are thankful for the support of so many industry-leading investors, both new and existing, who recognize the potential of the LimFlow System to address a major clinical need in saving patients from amputation,” said CEO Dan Rose. “We look forward to sharing results from our pivotal trial later this year, and to the prospect of being able to make the system commercially available as early as next year to the patients in the U.S. and Europe who desperately need it.”
“We are truly impressed by the clinical results LimFlow has delivered for patients who have exhausted all other treatment options. We are excited about the technology’s potential to transform the way CLTI patients are treated, and in turn, transform the quality of their lives,” said Maxwell Bikoff, Principal at Longitude Capital.
“The LimFlow management team has achieved key milestones and financing needed to successfully bring the system to market. We are enthusiastic about continuing to work with the company to help make this game-changing technology accessible to patients in the near future,” said Kinam Hong, MD, Partner at Sofinnova Partners.
Source: LimFlow, SA